Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 8.6% – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) traded up 8.6% during mid-day trading on Friday . The stock traded as high as $13.90 and last traded at $14.07. 243,306 shares changed hands during trading, a decline of 81% from the average session volume of 1,281,616 shares. The stock had previously closed at $12.96.

Analyst Ratings Changes

A number of research firms have recently commented on IE. Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. Cantor Fitzgerald started coverage on shares of Ivanhoe Electric in a research note on Thursday, August 21st. They set an “overweight” rating and a $17.00 price objective on the stock. Raymond James Financial upped their price target on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. National Bank Financial upgraded Ivanhoe Electric to a “strong-buy” rating in a research report on Wednesday, September 3rd. Finally, National Bankshares began coverage on Ivanhoe Electric in a report on Wednesday, September 3rd. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $15.70.

Ivanhoe Electric Stock Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.41 and a quick ratio of 1.41. The stock has a 50 day moving average of $13.34 and a two-hundred day moving average of $10.48. The stock has a market capitalization of $2.05 billion, a PE ratio of -34.81 and a beta of 0.99.

Institutional Investors Weigh In On Ivanhoe Electric

Several large investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its stake in Ivanhoe Electric by 41.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company’s stock worth $39,692,000 after buying an additional 1,988,562 shares during the period. Potrero Capital Research LLC bought a new position in Ivanhoe Electric during the 3rd quarter worth $17,381,000. Primecap Management Co. CA increased its holdings in shares of Ivanhoe Electric by 79.6% in the 3rd quarter. Primecap Management Co. CA now owns 2,828,284 shares of the company’s stock worth $35,495,000 after acquiring an additional 1,253,400 shares during the period. Van ECK Associates Corp bought a new stake in Ivanhoe Electric during the 3rd quarter valued at $11,274,000. Finally, EdgePoint Investment Group Inc. acquired a new position in shares of Ivanhoe Electric during the first quarter valued at approximately $4,284,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.